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20121201
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. it started with mr. monti's response criticism coming from officials about his renewed request for the prime minister post yesterday. he said this criticism was out of place. it was offensive not just for him, but also for all of the people in italy who have the freedom to vote. this morning, he did an interview with one of the channels here in italy and he said, i don't really care about this spread because the spread is based on fraud. that's the direct translation. meanwhile, if you take a look at the spread, they are moving higher again. 4.9%. italian equity markets are moving fractionally to the down side. so you've got mr. monti on the wire saying, yes, we should care about the spreads. we should care about the italian yields. but at the same time, italian people and investors must know that we still have a government in place. mr. monti is hitting back warning against the oversimplified promises that will be made during the election campaign. so we've got a become and forth and we should expect that to continue over the next couple of weeks. we will be speaking to one of the biggest c
on in the u.k. so so far, and i've basebaeen following the swiss press, there's no major calls for mr. monti to step down. of course, they weren't necessarily with the bank when all this manipulation happened. someone's going to take responsibility, right? >> yeah. i think this would be really harsh on the -- on the top management. the top management is only in charge since 2011. so clearly after the libor manipulation is over and -- i think we'll see something like 35 traders being charged for this, and i think this is probably what will happen. the management of the investment bank has changed several times since then. and i don't think anything would be necessary right now with the new management. >> dirk, you mentioned, too, broader concern. what happened at barclays spurred basically a restructuring. ubs we're seeing that restructuring take place. what are the prospects for this company going into 2013? >> well, ubs by its own admission expects mid single digit roes for 2013 and 2014. so this is one of the lowest roes in the banking sectorment at t -- sector. they're trading at multiple
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